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Diezani Finally Forfeits $37.5m Banana Island Property to FG

By Modupe Gbadeyanka

A Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of a $37.5 million property on Banana Island, Ikoyi, Lagos, allegedly belonging to former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke.

At the court on Monday, August 7, 2017, Justice Chuka Obiozor, held that the final forfeiture of the property to the Federal Government was in view of failure of any interested parties or persons to contest the interim forfeiture order as published in a national newspaper by the Economic and Financial Crimes Commission (EFCC).

The judge also ordered the permanent forfeiture of the sums of $2.7 million and N84.5 million realized as rent on the property.

The order followed an ex-parte application filed on July 17, 2017 by the EFCC.

At the last sitting on July 19, 2017, counsel to the EFCC, A.B.C. Ozioko, while moving the ex-parte application, had urged the court to order the forfeiture of the total sum of $2.7 million and N84.5 million found by the agency in Rusimpex’s Dollar account suspected to be proceeds of unlawful activities.

Ozioko had also urged the court to order an interim forfeiture of the assets and property as well as authorize the commission to appoint a competent person(s) or a firm to manage the assets/property.

Ruling on the applications, Justice Obiozor  had ordered the respondents- Dezianni, Afamefuna Nwokedi and Rusimpex Limited- to show cause within 14 days why the properties should not be forfeited to the Federal Government.

The judge had further ordered the publication of the interim order in any national newspaper for the respondents or anyone who is interested in the property to appear before the court to show cause within 14 days why the final order of the property should not be made in favour of the Federal Government.

At the resumed hearing yesterday, counsel to the EFCC argued that the failure of the second and third respondent, Nwokedi and Rusimex, to show cause, meant that “they are not willing to contest the application.”

Mrs Diezani was said to have purchased the 15-storey building, which comprises 18 flats and six penthouses, between 2011 and 2012 from the developers, YF Construction and Real Estate.

The property was allegedly acquired in the name of a shell company, Rusimpex Limited, which is managed by one Afamefuna Nwokedi, Principal Partner, Stillwaters Law Firm, Lagos.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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